Silverpeak advises additive manufacturing and advanced materials leader, CRP, on strategic investment by ITT

Silverpeak, the mid-market technology specialist that represents European growth businesses in M&A and financing transactions, has acted as the exclusive financial advisor to CRP Technology and CRP USA (collectively “CRP”) in the investment by ITT Inc. (NYSE:ITT).

CRP has invested in carbon-reinforced 3D printing since 1996, becoming a pioneer in additive manufacturing in Europe. It has advanced additive manufacturing capabilities through its Windform technology range, the leading, lightweight, fiber-reinforced composite materials for industrial 3D printing. Initially focused on manufacturing of high-performing parts with  applications in motor racing, including Formula One vehicles, CRP now works with clients in the space, aerospace, defense and premium automotive industries to create complex designs that help reduce mass, weight, and costs, while shortening lead times and enhancing endurance.

Silverpeak worked closely with CRP on this transaction, supporting the group in the preparation phase, identification of suitable investors and negotiations of the terms and the structure of the transaction up to the closing.

Franco Cevolini, Chief Executive Officer of CRP Technology, said: “Silverpeak are true technology enthusiasts who brought vitality and professionalism to every stage of our transaction. They understand additive manufacturing and were able to identify the best strategic and financial partners. They displayed tenacity and sophistication when it really mattered, to achieve the very best deal.”

Pietro Strada, Managing Partner at Silverpeak said: “We are delighted to have worked with CRP’s management and shareholders led by Franco Cevolini, and to have achieved this transformative deal with ITT. The Cevolini family is an incredible example of entrepreneurialism and CRP has gained a great position in the global additive manufacturing industry. We are proud to have had the chance to work with them”.

For more information please contact Pietro Strada: ps@silverpeakib.com

Silverpeak advises leading RegTech supplier Worksmart on sale to Davies Group

Silverpeak, the mid-market technology specialists that represent European growth businesses in M&A and financing transactions, advised Worksmart on its sale to Davies, the leading specialist professional services and technology business, serving insurance and highly regulated markets.

Worksmart is the leading supplier of regulatory technology (“RegTech”) for people and process management. The Worksmart product range enables organisations to track and manage regulatory processes across customer complaints & feedback, quality assurance, training & competence, the Senior Managers & Certification Regime (“SM&CR”) in the UK, and the Individual Accountability Regime (“IAR”) in Singapore.

Based in Milton Keynes, UK, Worksmart serves financial services organisations across insurance, banking, investment and consumer credit, helping them to manage the growing complexity of operating within the highly regulated space. Worksmart is the number one provider of RegTech for complaints management and feedback in the Lloyd’s market, and the firm’s proprietary platform ‘Foundation’ remains the “go-to” solution for training & competence needs within the Banking and Wealth Management sectors. The firm’s SaaS solution ‘Accord’ is the only purpose-built SM&CR tech available in the UK.

Silverpeak worked with the management team to uncover every source of value and refine the equity story before identifying the most relevant global buyers that would benefit from this RegTech business with a dominant position in the UK market and further market growth in Singapore and Ireland. The whole process was completed in under 6 months.

Andy Nightingale, Worksmart CEO, said, “Silverpeak worked hard and fast to understand every element of our business, discovering sources of hidden value that proved strategically important to our eventual acquirer. I have no doubt this helped deliver a materially higher sale price.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, ”Having had a very competitive process with strategic buyers from Europe and the US, BC Partners’ portfolio company Davies were ideal due to a great cultural fit whilst providing a lot of leverage to the business in its next chapter of growth.”

For more information please contact:

Paddy MccGwire – pm@silverpeakib.com

Dorian Maillard  – dm@silverpeakib.com

Silverpeak advises marine autonomous robotics technology business Vaarst on $20m financing round

Silverpeak has advised Vaarst on the first $20m of a Series B funding round, led by Legal & General and Equinor Ventures, to accelerate the development of 3D SLAM and autonomous marine robotics technologies.

Silverpeak, the mid-market technology specialists that represent European growth businesses in M&A and financing transactions, acted as the exclusive financial advisor to Vaarst and its sister company Rovco, the UK-based innovative ‘blue-economy’ technology and renewables-focussed services businesses, on a significant growth investment to help drive the next phase of expansion. Legal & General and Equinor co-led the round; other participants include strategic investor for the US intelligence and defence communities In-Q-Tel, and existing shareholders Foresight Group and Martlet Capital.

Vaarst is a leading provider of subsea 3D computer vision and SLAM technologies; supporting offshore wind, wave & tidal, scientific, and maritime security sector. It also uses ground-breaking AI-based technology to revolutionise how energy companies manage subsea infrastructure and improve asset integrity.

Rovco delivers Vaarst technology into the energy transition space mainly focused on its use for subsea surveys in the offshore wind where it is a market leader in the UK, and in oil field decommissioning.

This new investment enables Vaarst & Rovco to continue global expansion plans, targeting the USA and Asia, as well as increasing its presence across Europe. Its existing customers include Iberdrola, SSE and Deepocean.

Silverpeak was engaged due to its expertise in deep tech, software, and knowledge of the international investor market. We advised Rovco & Vaarst on its Series B financing by positioning the company as an autonomous robotics leader in the global blue technology sector and approaching a range of international financial investors as well as strategic counterparties with a strong interest in renewable energy and ESG-focused investments.

Brian Allen, CEO of Rovco/Vaarst said, “The Silverpeak team helped us build the equity story and business plan; held in-depth discussions with global investors; put together the multi-party transaction; and provided invaluable support throughout the process all the way to closing – it was a huge undertaking and I’m sure resulted in a better outcome than managing the process in-house”

David Ford, Partner at Silverpeak leading the process added “Through this process, we confirmed that the Vaarst technology is years ahead of any competition, and with this capital injection from some great investors the business is now very well placed to capitalise on the huge opportunities in the subsea marine robotics space.”

For more information please contact David Ford, Partner: df@silverpeakib.com

Silverpeak advises new space leader D-Orbit on pre-SPAC financing round

Silverpeak is delighted to announce that it has advised Italian new space leader, D-Orbit, on a €51.5m convertible fundraising, ahead of its recently announced $1.2bn SPAC merger, which at completion will make it a unicorn.

D-Orbit addresses the logistics needs of the space industry and is the first-mover to provide in-space satellite transportation services for commercial and institutional clients via its ION satellite carrier. This orbital transfer vehicle transports satellites in-orbit and releases them individually into distinct orbital slots, significantly reducing both the time from launch to operations and also the launch costs of an entire satellite constellation. The company has already launched four ION missions which have successfully and precisely deployed over 70 customer satellites.

Silverpeak worked closely with the company to raise a financing round, including strategic and financial investors, which was structured as a convertible instrument in light of the pending SPAC transaction.

Luca Rossettini, D-Orbit CEO said “Silverpeak’s in-depth knowledge of the space market together with its outstanding execution capabilities and connections with investors across the sector proved invaluable. The team helped us build our investment case, financial models and presentations which led to interest from global investors, ultimately paving the way to the NASDAQ listing that we have just announced.”

David Ford, partner at Silverpeak added “Luca and the team at D-Orbit have done a first-class job of delivering missions and customer value in this sector, in a capital-efficient way. We are proud to have worked with the global leader in satellite last-mile delivery, and believe the space sector will continue to offer fantastic investment opportunities.”

For more information please contact David Ford: df@silverpeakib.com

Silverpeak strengthens senior team with two new Partners and Marketing Director

We are delighted to start the year having a significant boost to the team with new additions and promotions at every level.

Following a successful 2021 and looking forward to working with many more exciting technology firms in the year ahead, we are delighted to announce the appointment of a new Partner, Nick Jones, who joins us from Equiteq. As recognition for their energy and dedication, we have also had three internal promotions, including David Ford to Partner. Having also recruited an additional VP, Associate and two Analysts in the last six months, we are set for an excellent year ahead.

New Partner – Nick Jones

Nick joins Silverpeak from Equiteq where he headed the global M & A team, giving him a real understanding of cross-border deals in the technology services and software sectors. He brings over 20 years of experience working with entrepreneurs and investors at every stage of their business evolution.

Nick also focuses on private equity coverage; having spent five years as a principal investing in SMEs at a French investment bank where he developed an understanding of the interface between entrepreneurs and ‘corporate’ lenders and investors – this knowledge is often key to creating value in transactions and giving good advice.

Nick says “Joining Silverpeak is a great opportunity for me to bring my experience and knowledge to a new team and work with a like-minded group of people who are passionate about technology businesses and share my dedication to unearthing the best solution for all stakeholders.”

Commenting on the appointment, Paddy MccGwire, Managing Partner, said “We are thrilled to have Nick join the team at this exciting time in our growth. He brings many years of experience in complementary sectors and has the energy and drive that we value in all our team members.”

Contact Nick: nj@silverpeakib.com

 

New Partner – David Ford

Many of you will know David, who has been with Silverpeak for four years.

He has been promoted from his Managing Director role to join the Partner team.

His experience in both industry and advisory enables him to understand which buyers or investors would derive the greatest value from any given deal and what it takes to get deals done in the technology sector. David’s operational experience is within the telecoms, satellites, location services, sensors and precision engineering sectors.

David says, “I am delighted to be joining the growing Partner team and to continue delivering the best value deals to clients whilst working with such great people.”

Pietro Strada, Managing Partner, said, “David has real sector insight gleaned from many years as a leader in technology businesses, which he brings to his transactions and in generating value for stakeholders.”

Contact David: df@silverpeakib.com

 

New Marketing Director – Emma Payne

Emma has joined Silverpeak as a consultant Marketing Director. She brings a 25-year track record of delivering measurable and effective marketing solutions in professional services industries.

Having spent her early career at Arthur Andersen in both local and global marketing roles, Emma worked in a couple of PE-backed firms before becoming Marketing Director at Lyceum Capital (Horizon). Since 2005, Emma has worked independently with firms such as EY, Investec, Freshfields, Bowmark Capital, Catalyst (Alantra), Livingstone (Arrowpoint).

Emma says, “It is an exciting time to be joining the Silverpeak team as it expands and looks set for strong growth and opportunities in 2022 and beyond.”

Contact Emma: ep@silverpeakib.com

Silverpeak sponsors the tenth Enterprise Awards in association with the WCIT

Silverpeak is delighted to continue its long association with The Enterprise Awards in association with the WCIT which celebrates and recognises the very best of the UK’s technology entrepreneurial talent with ‘The Oscars of the Technology Industry’.

Each year, hundreds of the movers and shakers of the UK technology sector – including entrepreneurs, investors, and advisors – come together to honour the best of the best, while raising funds for the WCIT Chosen Charity.

Celebrating its 10-year anniversary, the 2022 Awards ceremony will be a truly special occasion, hosted at the prestigious Goldsmiths’ Hall in the City of London in April 2022.

Uniquely focused on the founder rather than the businesses themselves, the Enterprise Awards boasted previous winners that have achieved prominence on both private and public markets. The judging panel is looking for examples of vision, growth, innovation, funding, use of capital, use of resources, strategy, execution, ambition, and determination to succeed.

Paddy MccGwire, Managing Partner, sits on the judging panel and is always excited each year to see the depth of talent in the industry.

The Enterprise Awards Alumni includes some of the most successful tech businesses in the UK, such as the leaders of Wise, Blue Prism, Quantexa, Darktrace, TPXimpact (formerly Panoply), and ActiveOps.

The 2022 award categories are as follows:

  • Emerging Entrepreneur – £1m – £3m annual revenue
  • Developing Entrepreneur – £3m – £20m annual revenue
  • Net Zero Entrepreneur – For CleanTech businesses (min. £500k annual revenue)
  • Enterprise Entrepreneur – annual revenue over £20m
  • Scale-Up Entrepreneur – > 50% growth pa (min. £1m annual revenue)
  • Public Sector Entrepreneur – for entrepreneurs targeting the public sector (min. £1m annual revenue)
  • Social Enterprise Entrepreneur – entrepreneurs with a business model that gives something back (min. £1m annual revenue)
  • Deep Tech Entrepreneur – for entrepreneurs with game-changing, innovative, unique, core technology (min. £1m annual revenue)

Deadline for entries: Monday 31 January 2022

For details of how to enter and to download an entry form, please go to www.enterprise-awards.co.uk

Silverpeak sponsor U.K. tech figures to row across the Atlantic Ocean

Two U.K. tech figures are to row across the Atlantic Ocean to raise money for a charity that funds social entrepreneurs from minority backgrounds.

Guy Rigby, founder and now chair of the Entrepreneurial Services Group at Smith & Williamson, and entrepreneur, investor David Murray, are looking to raise £1m for UnLtd, which has supported more than 15,000 social entrepreneurs in the U.K.

The brave pair will row the 3,000 miles in December 2021 from the Canaries to Antigua, which they hope to reach in February 2022, rowing individually, 2 hours on, 2 hours off, around the clock for the duration of the crossing.

UnLtd has previously backed startup firms, including Patchwork Hub, which built an accessible employment platform run by disabled people, as well as EduKit, which developed an app to help school staff understand and address the mental health needs of their students.

Over the last year, UnLtd supported 662 social entrepreneurs, 42% of whom identified as being from a Black, Asian or minority ethnic background and/or having a disability.

You can donate to their fundraising efforts here.

Silverpeak is delighted to support Guy and David in their attempt by sponsoring their safety equipment such as their personal locator beacons, life jackets, harnesses, and water pumps.

Silverpeak advises CloudTrade on sale to Advanced

Silverpeak acted as the exclusive financial advisor to CloudTrade on its sale to Advanced. CloudTrade is the leading provider to enterprise clients of e-invoicing, e-order and complex data capture services through its SaaS machine learning platform.

This is Silverpeak’s third software transaction in the last two weeks, reinforcing our expertise and experience advising software companies in Europe on both funding and M&A.

CloudTrade was founded in 2010 to offer a fresh approach to electronic document processing. Their unique, patented technology, enables companies to evolve past their reliance on paper or labour-intensive manual processing and transact digitally with their trading partners, irrespective of size or technical maturity. CloudTrade’s core product suite focuses on e-invoicing, including Universal Capture to automate all volumes and document types, Invoice Fraud Protection, as well as Intelligent Ordering Processing.

Silverpeak worked with the CloudTrade board to navigate multiple inbound approaches from global strategic buyers and generate competitive tension. This delivered multiple offers valuing the business at a strategic price, thus negating the need for a broader process. After engaging in a thorough preparation phase, the Silverpeak team worked to a tight timetable to quickly qualify the inbound approaches, negotiate the transaction and manage the process through to completion.

David Cocks, CloudTrade CEO, said, “Silverpeak spent the time to understand the goals of the shareholders and created an excellent Company overview with detailed numerical analysis. The team at Silverpeak took control of the whole process and without their diligence, tenacity and attention to detail, I have doubts whether it would have actually happened. It was really encouraging and exciting to have an experienced team working on our side, fully aligned with our objectives.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, ”This is a great outcome for David and his team at CloudTrade, demonstrating significant leverage to the investment round he received just over 3 years ago. Many transactions have a hurdle that appears during the process that needs to be overcome. This was no different. Silverpeak’s imaginative solution, working with the buyer, ensured we kept on track. Advanced is a very suitable strategic home for the business where the technology and platform can be fully exploited.”

Silverpeak advises Safran software solutions on its acquisition by JDM technology group

Silverpeak, the financial advisor to growth technology companies, acted as the exclusive advisor to Safran Software Solutions AS. This is Silverpeak’s fourth deal advising SaaS and software clients in the last six months.

Safran’s world class software enables businesses to precisely plan and execute large projects across industries including oil and gas, engineering and construction, aerospace and defence, utilities, and the public sector.

Since 1997, Safran has worked closely with its customers to understand the complex requirements of planning and project controls. Risk management has been a key part of Safran’s value-add and is a strong differentiator, and a new SaaS product was launched in early 2021 to further extend the range of the Risk portfolio.

Safran has offices in New York, London, and Oslo, with an international sales team and a network of partners and resellers.

The Silverpeak team worked as the exclusive financial advisor to Safran and its shareholders, performing detailed valuation analysis, identifying strategic investors and acquirers, and negotiating the cross-border transaction through to a successful completion with JDM Technology Group.

JDM is a global group of leading software providers for the architecture, engineering, construction, maintenance and operations industries. The deal highlights the strategic fit between JDM and Safran.

Per Arne Jensen, Chairman Safran Software Solutions: “Through the process we were very pleased with Silverpeak’s work quality and ethics with regards to materiel production, buyer universe definition, negotiations and process management.”

Pietro Strada, the Managing Partner at Silverpeak leading the process added: “It has been a pleasure to work with Richard Wood and Progressus (Per Arne Jensen and Rune Jensen). Safran Software is a world leader for risk analysis and management software, and this was recognised during the process, which led to the strategic acquisition by JDM Technology Group. The Silverpeak team led by Chris White and myself is delighted to have advised Safran in this strategic deal.”

 

For more information please contact

Pietro Strada: p@silverpeakib.com

Christopher White: cw@silverpeakib.com

 

Silverpeak advises Login VSI on significant growth investment from Wavecrest Growth Partners

Silverpeak acted as the exclusive financial advisor to Login VSI, the Amsterdam and Boston-based enterprise infrastructure software company dedicated to maximizing the end-user experience, on a significant growth investment by Boston-based Wavecrest Growth Partners. The funding will be used to expand all aspects of the business, specifically, sales, marketing, and product innovation.

Today’s modern enterprises need a continuous understanding of the application experience delivered to their corporate users, a need that has grown given the increase in remote work caused by the COVID-19 pandemic. Business-critical applications are being deployed in enterprise data centres (on-premises) and the cloud, further increasing performance variability and driving the need for multi-environment digital workspace testing. Login VSI’s flagship product, Login Enterprise, is an automated testing platform that assures business continuity and application performance while reducing risk. It tests the desktop and business applications from pre-production to production, thereby eliminating poor performance and downtime, increasing user productivity, and directly saving enterprises money.

The shareholders of Login VSI engaged Silverpeak to explore their options due to its deep expertise in enterprise software. As part of the process, Silverpeak approached an international audience of PE growth investors in the US, Europe and Asia, running a competitive selection process from which Wavecrest Growth Partners was chosen as management’s preferred partner with a strong understanding of enterprise infrastructure software.

The Silverpeak team played a critical role in negotiating a transaction structure, involving both primary and secondary, that ensured all shareholder objectives were met. As a result, the majority investment will provide full liquidity to existing investors, partial de-risking for management, as well as primary capital to enable the business to accelerate growth.

Eric-Jan van Leeuwen, Login VSI CEO, said, “Silverpeak engaged with us in a process that was highly collaborative. They helped us find the right investment partner for Login VSI at this stage of our growth. Their team and process were transparent and insightful.”

Paddy MccGwire, Silverpeak Managing Partner leading the transaction said, “It has been a pleasure to work with Eric-Jan, Gerhard and the Login team, helping them bring in the right partner for the next chapter of their journey. The majority of new business is already in the US, and this investment will enable them to fully exploit the opportunity.”

For more information please contact
Paddy MccGwire: pm@silverpeakib.com
Kieran Hall: kh@silverpeakib.com